1405 W 2nd St · Wilmington, DE 19805

$225,000

5 bd · 1.0 ba · 2,050 sqft · Townhouse public records · 66 Days on market

Built 1900 1,742 sqft lot $110/sqft · 25% above area Est $180k · 25% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +5.8/10.0
• Rent growth +4.1/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Westside of the City of Wilmington! Perched high above the valley below, this part of the City affords all the charm and character of yesteryear, mixed with modern renovations and updates taking place on nearly every block in the general vicinity of this home! Walking distance to places of worship, educational facilities, local shopping and night life on Union/Lincoln St. , local highways, and a hop skip & jump to the Riverfront! Excessively large, three story, end of row is now ready for its next custodian. Enclosed front porch is the perfect escape after a long days work. Foyer welcomes and is flanked by formal LR with decorative brick hearth. Cozy den for reading and other busy work. Formal dining room to entertain guests and family members alike. Kitchen is on the rear, waiting for the chef in you to prepare meals. Rear door leads to back patio that is attached to your extra large grassy knoll that conveys with the property. Second level is host to three well scaled sleeping chambers with thoughtful storage elements. Rear bedroom has private balcony overlooking your extra lot. Full bathroom services this level with tub/shower combo. Third floor affords two more bedrooms with ample storage capacity. Updates include electric, hot water tank, drywall, trim, interior doors, paint, full bathroom renovation, roof work and more! If you're looking for an above average sized property in the City of Wilmington at an affordable price, this is going to be one of a few to investigate. The extra lot could be spun off as it has its own tax parcel, turned into off street parking, or possibly developed into new construction! Lots of opportunity for the aspiring home owner or investor, opportunity is knocking, make sure you answer!

Key facts

• Extra lot
• Formal dining room
• Private balcony

Tags

• ENCLOSED FRONT PORCH
• FORMAL DINING ROOM
• BACK PATIO
• PRIVATE BALCONY
• FULL BATHROOM RENOVATION
• EXTRA LOT

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath townhouse listed at $225k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 5.7% in Wilmington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 64/100 on livability (#52 in DE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D+, schools D, commute D.
• Red Clay Consolidated School District (suburban): math 27% / reading 42% proficiency, ranked #12 of 26 in DE (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.3%/yr); 168 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,367 units permitted in New Castle County in 2024 (201 in 5+ unit buildings).
• At $2,424/mo this rent would consume 48% of the median local household income ($60k/yr) (locally 1730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• New Castle County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $63k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $20k; list at $225k implies a 1025% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.04%
• DSCR: 1.49
• GRM: 7.7

CMA / ARV

• ARV (median comp): $179,661
• List price: $225,000
• Delta: 25.24%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 N Rodney St	0.03mi	6/1.0 (+1)	2,175 (+6%)	6mo	$180,000	$83	78
1407 W 6th St	0.25mi	5/1.0	1,800 (-12%)	1mo	$233,000	$129	67
1409 W 3rd St	0.08mi	4/1.0 (-1)	1,825 (-11%)	7mo	$125,000	$68	67
201 S Van Buren St	0.30mi	4/2.5 (-1)	2,150 (+5%)	6mo	$135,000	$63	62
1102 W 4th St	0.28mi	5/1.0	2,325 (+13%)	6mo	$130,000	$56	59
709 S Broom St	0.43mi	5/1.5	2,200 (+7%)	9mo	$265,000	$120	58
1002 W 9th St	0.54mi	5/1.5	2,175 (+6%)	9mo	$365,000	$168	55
823 W 7th St	0.51mi	5/1.5	1,825 (-11%)	2mo	$150,000	$82	54
602 N Harrison St	0.33mi	4/2.0 (-1)	1,750 (-15%)	5mo	$140,000	$80	47
837 N Madison St	0.67mi	4/1.5 (-1)	1,775 (-13%)	0mo	$315,000	$177	39
808 N Van Buren St	0.47mi	4/2.5 (-1)	2,350 (+15%)	7mo	$395,000	$168	37
1602 W 13th St	0.72mi	4/2.0 (-1)	1,850 (-10%)	8mo	$440,000	$238	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.35% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $8,790
• Equity at exit: $33,548

10-year hold

• IRR: 15.7%
• Equity multiple: 2.46×
• Total profit: $91,900
• Equity at exit: $19,454

Cash invested: $63,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 70 Landlord-Friendly
• State Delaware: 70 Landlord-Friendly · D+7
• County: — inherits STATE
• City: — inherits STATE

Court of Common Pleas hears L&T; moderate-paced. No state rent control.

Methodology + full state rankings →

ZIP-level market 19805

• Rents YoY: 6.3%
• Active inventory: 168
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,424 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$62 /mo · $743/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $579

Break-even live

Break-even rent $1,691

Max offer price $225,000

Occupancy floor 71%

Sensitivity live

Price	-10% $707	-5% $643	+0% $579	+5% $516	+10% $452
Rent	-10% $388	-5% $484	+0% $579	+5% $675	+10% $771
Rate	-1.0pp $693	-0.5pp $637	base $579	+0.5pp $521	+1.0pp $462

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1913 W 2nd St Unit 1913 Wilmington, DE	5.0	1.5	1675	$2,050	$1.22	44d	1	0.33mi
1601 E Latimer Pl Wilmington, DE	4.0	1.0	1450	$2,195	$1.51	19d	1	0.72mi

Listing history 37 events

1. 2026-06-21
   days on market $225,000 Active 66 DOM
2. 2026-06-18
   days on market $225,000 Active 63 DOM
3. 2026-06-17
   days on market $225,000 Active 62 DOM
4. 2026-06-16
   days on market $225,000 Active 61 DOM
5. 2026-06-15
   days on market $225,000 Active 60 DOM
6. 2026-06-13
   days on market $225,000 Active 58 DOM
7. 2026-06-13
   days on market $225,000 Active 57 DOM
8. 2026-06-09
   days on market $225,000 Active 54 DOM
9. 2026-06-08
   days on market $225,000 Active 53 DOM
10. 2026-06-07
    days on market $225,000 Active 52 DOM
11. 2026-06-04
    days on market $225,000 Active 49 DOM
12. 2026-06-03
    days on market $225,000 Active 48 DOM
13. 2026-06-02
    days on market $225,000 Active 47 DOM
14. 2026-06-01
    days on market $225,000 Active 46 DOM
15. 2026-05-31
    days on market $225,000 Active 45 DOM
16. 2026-04-16
    listed $225,000 Active 1773-char remark

    Show marketing remark (1773 chars)

    Welcome to the Westside of the City of Wilmington! Perched high above the valley below, this part of the City affords all the charm and character of yesteryear, mixed with modern renovations and updates taking place on nearly every block in the general vicinity of this home! Walking distance to places of worship, educational facilities, local shopping and night life on Union/Lincoln St. , local highways, and a hop skip & jump to the Riverfront! Excessively large, three story, end of row is now ready for its next custodian. Enclosed front porch is the perfect escape after a long days work. Foyer welcomes and is flanked by formal LR with decorative brick hearth. Cozy den for reading and other busy work. Formal dining room to entertain guests and family members alike. Kitchen is on the rear, waiting for the chef in you to prepare meals. Rear door leads to back patio that is attached to your extra large grassy knoll that conveys with the property. Second level is host to three well scaled sleeping chambers with thoughtful storage elements. Rear bedroom has private balcony overlooking your extra lot. Full bathroom services this level with tub/shower combo. Third floor affords two more bedrooms with ample storage capacity. Updates include electric, hot water tank, drywall, trim, interior doors, paint, full bathroom renovation, roof work and more! If you're looking for an above average sized property in the City of Wilmington at an affordable price, this is going to be one of a few to investigate. The extra lot could be spun off as it has its own tax parcel, turned into off street parking, or possibly developed into new construction! Lots of opportunity for the aspiring home owner or investor, opportunity is knocking, make sure you answer!

17. 2025-03-22
    historical $1,600
18. 2025-03-08
    listed $1,600
19. 2025-01-31
    historical $1,600
20. 2024-10-17
    listed $1,600
21. 2024-10-17
    historical $1,600
22. 2024-10-12
    price $1,600
23. 2024-09-05
    historical $2,000
24. 2024-09-05
    listed $2,000
25. 2024-05-03
    listed $2,000
26. 2013-01-16
    soldstatus $20,000 644-char remark

    Show marketing remark (644 chars)

    This is a Fannie Mae HomePath property not approved for HomePath Financing. Visit the homepath website or ask for more information. This very large three-story twin home features large living and dining quarters and spacious kitchen at the back of the home. Second and third floors feature FIVE bedrooms all scaled well with ample closet space. Efficient gas heat and gas hot water create an efficient living environment. Located on a bus route, this home is within walking distance to community shopping, schools and places of worship. Seller requires that offers be made online via the homepath website. Contract package is attached on Trend.

27. 2013-01-16
    soldstatus $20,000

    Show marketing remark (644 chars)

    This is a Fannie Mae HomePath property not approved for HomePath Financing. Visit the homepath website or ask for more information. This very large three-story twin home features large living and dining quarters and spacious kitchen at the back of the home. Second and third floors feature FIVE bedrooms all scaled well with ample closet space. Efficient gas heat and gas hot water create an efficient living environment. Located on a bus route, this home is within walking distance to community shopping, schools and places of worship. Seller requires that offers be made online via the homepath website. Contract package is attached on Trend.

28. 2012-12-19
    historical 644-char remark

    Show marketing remark (644 chars)

    This is a Fannie Mae HomePath property not approved for HomePath Financing. Visit the homepath website or ask for more information. This very large three-story twin home features large living and dining quarters and spacious kitchen at the back of the home. Second and third floors feature FIVE bedrooms all scaled well with ample closet space. Efficient gas heat and gas hot water create an efficient living environment. Located on a bus route, this home is within walking distance to community shopping, schools and places of worship. Seller requires that offers be made online via the homepath website. Contract package is attached on Trend.

29. 2012-12-03
    listed $20,000 644-char remark

    Show marketing remark (644 chars)

    This is a Fannie Mae HomePath property not approved for HomePath Financing. Visit the homepath website or ask for more information. This very large three-story twin home features large living and dining quarters and spacious kitchen at the back of the home. Second and third floors feature FIVE bedrooms all scaled well with ample closet space. Efficient gas heat and gas hot water create an efficient living environment. Located on a bus route, this home is within walking distance to community shopping, schools and places of worship. Seller requires that offers be made online via the homepath website. Contract package is attached on Trend.

30. 2012-12-03
    listed $20,000

    Show marketing remark (644 chars)

    This is a Fannie Mae HomePath property not approved for HomePath Financing. Visit the homepath website or ask for more information. This very large three-story twin home features large living and dining quarters and spacious kitchen at the back of the home. Second and third floors feature FIVE bedrooms all scaled well with ample closet space. Efficient gas heat and gas hot water create an efficient living environment. Located on a bus route, this home is within walking distance to community shopping, schools and places of worship. Seller requires that offers be made online via the homepath website. Contract package is attached on Trend.

31. 2007-03-16
    soldstatus $107,000
32. 2007-03-14
    soldstatus $107,000
33. 2007-02-25
    historical
34. 2006-09-23
    historical
35. 2006-09-21
    listed $107,000
36. 2006-06-09
    listed $114,900
37. 1981-02-01
    soldstatus $23,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast DE · Partial reset (capped growth)

• Current annual tax: $743 · $62/mo
• Projected year-2 tax: $1,024 · $85/mo
• Expected delta: +$281/yr (+$23/mo · 37.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,088
• − Mortgage interest: −$12,603
• − Property taxes: −$743
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,327
• − Management: −$2,327
• − Depreciation: −$6,545
• Taxable income: $3,418
• Est. tax owed @ 24.0%: −$820
• After-tax cash flow: $6,133/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Red Clay Consolidated School District
• NCES district ID: 1001300
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $64,298
• Composite: 31.25/100
• National rank: #6027
• State rank: #12 of 26 in DE

Livability — Wilmington

• Score: 64/100
• State rank: #52
• US rank: #14251

Category grades

Amenities F Commute D Cost of living A+ Crime F Employment D+ Housing A Health & safety D- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmington, DE
• County: New Castle County · 483,412 people
• City population: 173,480
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 41,402
• Household income: $60,221
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1730.0

Population outlook (New Castle County) Hauer SSP2

• Today (2025): 594,686 people
• By 2030: 609,164 · +2.4%
• By 2040: 632,154 · +6.3%
• By 2050: 649,068 · +9.1%
• By 2075: 687,771 · +15.7%
• By 2100: 694,961 · +16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 37% Black 32% Hispanic / Latino 25% Two or more races 10%
• Hispanic origin (detail): Mexican 10% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 4% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 79% English-only · Spanish 18% French/Haitian/Cajun 1% Arabic 1%

Political lean MEDSL · New Castle

• 2024 margin: Solid D (+32.6) · D 65.5% · R 32.9% · Other 1.6%
• 2008→2024 swing: -8.1pp toward R · 2008: 40.6pp · 2024: 32.6pp
• All cycles: 2024: D+32.6 2020: D+37.1 2016: D+29.6 2012: D+34.1 2008: D+40.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -291.16%
• Current HPI: 259.1455
• Rent YoY: ▲ 6.35%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: —
• F500 in state: 0

Price history

+878.3% since first listed

22 events — show timeline

• 2026-04-16 Listed $225,000 BRIGHT MLS
• 2025-03-22 Rental Removed $1,600 RENTEC
• 2025-03-08 Listed for Rent $1,600 RENTEC
• 2025-01-31 Rental Removed $1,600 RENTEC
• 2024-10-17 Listed for Rent $1,600 RENTEC
• 2024-10-17 Rental Removed $1,600 RENTALBEAST
• 2024-10-12 Price Changed $1,600 RENTALBEAST
• 2024-09-05 Rental Removed $2,000 RENTEC
• 2024-09-05 Listed for Rent $2,000 RENTALBEAST
• 2024-05-03 Listed for Rent $2,000 RENTEC
• 2013-01-16 Sold (MLS) $20,000 TREND
• 2013-01-16 Sold (MLS) $20,000 BRIGHT MLS
• 2012-12-19 Listing Removed — BRIGHT MLS
• 2012-12-03 Listed $20,000 TREND
• 2012-12-03 Listed $20,000 BRIGHT MLS
• 2007-03-16 Sold (Public Records) $107,000 Public Records
• 2007-03-14 Sold (MLS) $107,000 BRIGHT MLS
• 2007-02-25 Listing Removed — BRIGHT MLS
• 2006-09-23 Listing Removed — BRIGHT MLS
• 2006-09-21 Listed $107,000 BRIGHT MLS
• 2006-06-09 Listed $114,900 BRIGHT MLS
• 1981-02-01 Sold (Public Records) $23,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $743 · +15.1% YoY. Source: county tax records.